I’ve decided to resurrect the real estate radio show I used to do with fellow-Realtor Jonathan Wilcox. Starts tomorrow, and then every Wednesday, 11:00 AM – 12:00 noon. WGCH 1490 on your AM dial, as usual, but you can now pick it up on your mobile device. Just search “WGCH 1490” and you’ll see various options like “Tune In”.

For the moment, the show’s called “Your Greenwich House”, until I come up with something better. We’ll talk about the state of the Greenwich real estate market and, in the mood, take calls: (stupid questions welcomed!) 203-661-5051.

To listen on your iPhone/Android, just go to TuneIn.com and search WGCH, here’s what you get:

I was busy this week signing up some new for-sale listings, which is swell, of course, but what about buyers? Has Hartford finally made it unbearable to live in CT, or are there still a few hearty souls willing to take a chance?

Judging by the busy parking lot I just observed at broker Rob Johnson’s public open house going on now at 81 Lockwood Road, Riverside ($2,599,000), the answer is yes, there are actual buyers out there looking, praise be to [deity of your choice]!

As I was leaving, three more cars showed up, so really, that is a significant sign. Nice house, by the way, with a phenomenal rent-record, fetching as much as $13,500 per month. Walkable to Eastern Junior High* and Riverside Elementary.

2018 is a mere three days old, but there are already signs of a promising market. When you see new street price records being set, that is surely a positive sign, no?

Exactly. I was thrilled, therefore, to see 51 Glen Avon, asking price $15,900,000, get signed up in December. The previous record for Glen Avon/Club Road area was $9,500,000 and this new record price is reportedly in the $15Ms (closes in a few weeks).

When brokers buy for themselves, their real estate knowledge would, one hopes, lead them to buy wisely. Such is the case with a 16-unit Stamford condo project called “Ardenwood” where you will find quite a few Greenwich brokers as your neighbors.

What’s the draw? First and foremost, they are mere inches from the border of Old Greenwich, hence perfectly positioned for slipping in and out of Greenwich as needed. I’m told Stamford brokers do not find this location convenient, but obviously, it’s all about where you need to get to every morning.

It’s not just location, however, these units are also of “manageable” size (1,425 – 2,417 sq.ft.), perfect for down-sizers, bargain-hunters, empty-nesters, freshly divorced-ers, you name it. The whole project overlooks the Innis Arden Golf Club, that’s good. They can be somewhat difficult to rent, that’s bad. The association has rules that limit to how many can be rented at one time, so these aren’t suitable for investors.

But they are attractive, well-laid out, well-maintained, and less than half the cost of anything remotely similar in Greenwich.

This is the view from unit 16, the Innis Arden Golf Club in the background.

Sales prices over the last five years:

unit 3 $745,000.

unit 12 $630,000.

unit 7 $566,350

unit 10 $540,000.

unit 9 $549,500.

unit 15 $545,000.

unit 16 $635,000.

(Prices and sizes vary depending on whether the one-car garage has been converted to living space and also quality of view)

I recently sold a new-construction, 6,800 square foot, waterfront house for $6,900,000. The builder swore he was losing money at any price below $7.2M. He paid $3.5M for the land two years ago, so there were carrying costs, plus plenty of added site-development costs associated with the Town’s excessive (insane) regulations for direct-waterfront building.

But how much per square foot does typical luxury construction cost a Greenwich builder? $300 per foot? $400 per foot? At $400/ft., the 6,800 sq.ft. house I sold would have cost the builder $2,720,000. Add land cost of $3,500,000, and you’re up to $6,220,000. That suggests a $680,000 “profit” for two year’s effort. Better than an outright loss, but not by much.

Now we have two new examples to study: backcountry Greenwich’s Doverton Drive, off Round Hill Road, has seen the recent sale of two spec houses, one a likely success, the other, less so

Very nearby, someone has just shelled out $25M for a classic old mansion on almost 20 acres, so let us agree, this is a fine neighborhood. But fine neighborhood or not, even experienced builders can go astray, either by paying too much for the land, or, more typically, by over-pricing at the beginning. Nothing, absolutely NOTHING dooms a project more completely than initial gross over-pricing. Copy and paste that last sentence on parchment paper, get it framed, and hang it in your dressing closet where you will see it every day.

The 2012 Jaguar XJL, with supercharged V-8. It now has 41K miles, still completely reliable.

All you paid-up members of the Gid Fountain Fan Club* know that October 15th marked the 6th anniversary of the day I picked up the new Jaguar. Six years later, I’m still driving it, which is unusual for a Greenwich resident. We tend to swap out cars after two, maximum three years (houses, six to ten years, spouses, ten to twenty), yet here I am with the same ol’ clunker, go figure.

The thing is, it still looks new, smells new, acts new! It has been completely trouble-free all these years, so there is no incentive to trade it away. Do I see possible benefits for a Realtor to own the new Tesla that does zero to sixty in 1.9 seconds? Yes, I do see a possible need for such a clearly practical, real estate show-car. But dammit, the Jaguar is just plain better looking than the Tesla, so that’s that.

Anyway, here’s my brief review of this phenomenal car…

The best parts:

The sheer, over-whelming, airplane-like power. Getting on the highway couldn’t be easier. Those specs in your rear-view mirror? Those are the cars you got on with.

The “feel” of this car is very good. Maybe it’s the seats, perhaps it’s the steering wheel, or the smoothness of the ride, not sure how to pin it down, but no other car ever felt like this.

The fit and finish are superb. Again, never experienced this high a level before.

The parts that took, er, getting used to:

This is an XJ “L”, the L stands for long-wheelbase., which added about 6 inches of rear leg-room for passengers (real estate show car, remember?). The problem with a long car is getting used to the idea that the back needs to catch up with you. I complete my turn, thinking I’m ready to proceed, but the passenger-side rear wheel bumping the curb reminds me there’s still some car length left out there.

Low-profile tires: Jaguars, Porsches, BMWs, Ferraris, all powerful sports cars come with “low-profile tires”, which means very little sidewall, which means very little protection for your magnificently expensive alloy wheels. I have learned to spot and avoid potholes on pitch-black, rainy nights, at 75 MPH. New York state, which taxes its residents more than anyone else, has the worst roads of any state I drive in. I see that the new Tesla also comes with %#@&-ing low-profile tires, that’s swell.

Low-profile tires look really cool, but until roads improve (or wheels get tougher), I’d advise against them. But if you insist, then keep your eyes peeled for pot-holes!

The interior: six years later, still a thrill.

Am I glad I bought it? Yes. Would I buy another? Yes. (nearest dealership is Darien)

Meta

I've been selling real estate in Greenwich for 30 years (but not while wearing a bathing suit). During this time I've learned that brokers owe a fiduciary duty to their selling clients, their buying clients, even to people who merely happen to approach them with a real estate question. So there's my method: honest answers, no sleazy tricks, it's worked out well!
P.S. Any business that gets a plug in this blog gets it for free, I accept no payments, reduced-price-of-service, nothing, nada, zilch.